CREB®’s 2023 regional review, released on January 2, 2024, shows that the towns around Calgary had the same problem as the city: not enough homes for sale.
2023 annual price growth (rounded)
Airdrie
Sales fell 24% from 2022’s record, mostly detached. New listings were 24% lower than last year, and inventory fell to the lowest annual average since 2006. It was the third straight year of sellers’ conditions. The benchmark price rose nearly 5%, and row and apartment prices grew more than twice as fast as detached and semi-detached.
Cochrane
Sales and new listings both fell. Inventory improved from 2022’s lows but stayed over 40% below normal, and months of supply has been above two months since September. Detached benchmark prices rose 4%, with faster growth in higher-density homes.
Okotoks
Supply was the main challenge. Inventory stayed near record lows and averaged 63% below long-term trends. Despite some monthly swings, prices rose over 6% for the year.
What it means: going into 2024, Cochrane has the most balanced conditions of the three, while Okotoks and Airdrie remain tight.
Airdrie: a third year of sellers’ conditions
Airdrie’s sales fell 24% from 2022’s record, mostly because of fewer detached sales. Low inventory and fewer new listings limited what buyers could purchase. New listings had risen above last year’s levels for four straight months by December, but they were still 24% lower for the year. Inventory fell to the lowest annual average since 2006. For the third year in a row, conditions generally favoured sellers. Prices rose nearly 5% on an annual basis, a slower pace than before, and row and apartment prices grew more than twice as fast as detached and semi-detached prices.
The monthly figures show the shape of the year. Airdrie’s benchmark was just under its April 2022 record in May, set a new high in June at $511,100, and reached $524,500 by November. The detached benchmark passed $600,000 for the first time in July.
Cochrane: the most improved supply
Both sales and new listings fell from 2022. But in the last months of the year, new listings rose relative to sales and inventory improved from last year’s lows. It remained over 40% below what is traditionally seen in the town. Months of supply stayed above two months from September, and in November the sales-to-new-listings ratio fell to 59%, the lowest since 2020. Conditions are still relatively tight and prices kept rising. The detached benchmark rose 4%, while higher-density homes grew faster.
Okotoks: supply was the story
CREB says supply challenged Okotoks all year, affecting both sales and prices. New listings have improved relative to sales lately, but inventory stayed near record lows and averaged 63% below long-term trends. Conditions were tightest in the busy spring: in June, there were 0.7 months of supply. Prices moved up and down from month to month, including dips in August and September, but rose over 6% for the year.
Compared with Calgary
Calgary’s sales of 27,416 were about 8% below 2022’s record, a smaller drop than in the towns. The city’s average annual benchmark growth was nearly 6%, close to Okotoks and slightly above Airdrie. Calgary’s inventory averaged 44% below the 10-year average, so supply was a regional problem, not a local one.
Practical takeaways for 2024
- Buyers: Cochrane enters 2024 with the most choice of the three towns.
- Sellers in Airdrie and Okotoks: low supply continues to work in your favour.
- Buyers comparing towns: look at prices by property type, since condos and row homes rose fastest in several towns.
January figures, due in early February, will show whether the late-2023 rise in new listings carries into the new year.
